New York Knicks May Not Have Cap Space to Sign a Top Free Agent
Basketball fans have probably noticed that there have been a lot of talk about the Knicks possibly going after one or two top free agents this summer.
While that sounds like an ambitious plan, it may not be possible right now. Want to sign Jrue Holiday so he can play with his brother Justin? Better clear up some cap space first.
ESPN's Ian Begley has reported that the Knicks may not have the salary cap space to sign free agents who are looking for a max or near-max contract like Holiday and Jeff Teague.
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"Under current salary cap estimates, the Knicks would have $19 million to spend in free agency in this scenario. That, of course, is well below the first-year salary for the lowest tier of maximum salaried players ($25.2 million for players with 0-6 years of service)," Begley said in his report.
"The Knicks would have to clear at least $7 million off of their committed money for next season to have enough money to give a max contract to Holiday, Teague or any other player with six years of service or fewer," he continued.
Sure, they can trade Carmelo Anthony to a team with enough cap space to absorb his contract. Unfortunately, that's actually not as easy as it sounds since he has a no-trade clause. Begley has also suggested waiving Joakim Noah using the stretch provision to free up approximately nine million dollars, but he admitted that it's unlikely to happen.
The Knicks have always chased the big names in free agency. It's practically a tradition. However, the lure of playing in a big city just isn't the same as before.
The Knicks are better off building through the draft this time anyway. They will end up with a top 10 pick no matter what happens at the draft lottery two weeks from now and they can use that pick to select either De'Aaron Fox or Frank Ntilikina.
